The economy of the USA entered a recession as soon as the coronavirus pandemic started, and unemployment rose to 14.8%. It is the highest level seen since records were kept in 1948. According to information from the U.S. Department of Health and Human Services, the government of the U.S. responded by passing a number of stimulus check packages. These, as well as other things, have helped 11 million American citizens above poverty.
Although the covid pandemic’s immediate effects have since subsided, inflation, which reached its highest level in 4 decades in 2022, has emerged as a new threat to the economy. Some are calling for more stimulus checks to help ease the strain this is placing on Americans’ finances. Here is the status of the summer 2022 state and federal stimulus programs.
Some Lawmakers Continue To Call For More Federal Stimulus Checks
Despite the fact that the economy of the USA has remained very strong overall during the previous year, some legislators of the federal government are clamoring for additional stimulus payments due to signs of weakness. The programs for mortgage assistance, improved benefits for the unemployed, as well as the expanded CTC (child tax credit), have all come to an end.
Moreover, the ever-increasing inflation rate has sharply increased the basic living costs for the majority of Americans. Many Americans will be plunged back into a state of economic uncertainty if the national economy enters a recession which some economists predict is becoming more and more inevitable.
In light of this, a number of legislative proposals have been put forth during the previous year or so. However, none of them have taken off. For instance, in March, last year, 21 senators gave their signatures to a letter asking for monthly, ongoing stimulus payments to Americans, however, nothing came of it.